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Domonetization

(Mr.Bean/Boney Bindra) As per various figures as many as 122 people died during the horrific blunder of demonetization committed by our beloved Prime Minister Narendra Modi.

Exactly at 8 in the night two years ago, PM Modi chocked the country while making 86% of the country’s economy illegal.

Rupees 100 and 500 notes were called back by the state, which’s objective is still unclear. Although, Arun Jaitly the on and off Finance Minister of India claimed that the objectives of note ban were met, but, what were the objectives?

As per the first speech of PM Modi regarding the demonetization the prime reason behind demonetization is curbing the black money, not once he mentioned cashless economy.

Cashless Neutralized

But, his address to the nation on 27 November, the focus shifted from black money to cashless currency, of which he spoke highly during this speech.

Okay so as per our PM, the apple of our eyes, aim of the note ban was to make the country cashless.

Arun Jaitley even today in his FaceBook post defending the action of Demonetization wrote, ” The system required to be shaken in order to make India move from cash to digital transactions.”

You can see how he is still holding on to the whole “cash to digital transactions thing”.

But, as per data made public by the Reserve Bank of India the cash inflow in the country pre-demonetization, was somewhere near, 7.38 lakh crore rupees, it has seen a huge sprung, and is now somewhere around, 19.3 Lakh Crore rupess.

Now The Black Money

So the first comes second, yes it is not the phrase but this is what we are doing here, actually this is what the finance ministry and PMO did.

The again-in-action Finance Minister, Arun Jaitley claimed in a long, FB post today, that the demonetization was not focused on ” Confiscation of currency”.

This is what he wrote under the section of ‘The Misconceived Argument’;

“An ill-informed criticism of the Demonetisation is that almost the entire cash money got deposited in the banks. Confiscation of currency was not an objective of Demonetisation. Getting it into the formal economy and making the holders pay tax was the broader objective.”

Reserve Bank of India claimed that the, 99.3% total currency which was submitted back to the banks, according to an estimate some 0.3% cash was lost, destroyed or was in police stations as seized property.

So, for just 0.4 % cash the Government of India “Shook the system”, killed civilians and shut downed God knows how many small scale industries?

Reality Check

Though, it was done by making a promise by Prime Minister of India that it will bring a fruitful change for nation as a whole, however, people are still waiting for that positive change.

Undeniably, currency ban was something, which always remind a common man, days of long queues, inconvenience and discomfort.

In these all problems, optimistic people of India find solace and waiting for ‘Achhe-din’.

Now, if it is about demonetization, some facts are necessary to share with masses around India.

Starting from, What currency-ban bring us, still doubtful, but, what it costs to a common man is something always known.

Now, once again Assembly Polls are near and Modi govt. is completely active to take the charge of economy again.

Oh and this is the whole statement of Arun Jaitley

Posted by Arun Jaitley on Wednesday, November 7, 2018

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